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Is 2013 the Year of the Short Sale?
One word...yep.Â And, there are at least three reasons why.
1. The incentives that banks are offering to sellers:Â There are several programs currently being offered to sellers that successfully close a short sale.Â One that I really like is expiring in September of 2013.Â It's the Bank of America Short Sale Assistance Program (see CBS news). This program pays anywhere from $2,500 to $30,000 in relocation assistance to certain short sale sellers upon a successful closing. There are other programs from other banks and there is also the Treasuryâ€™s HAFA program (See HUD website
).Â Many distressed homeowners can take advantage of these programs if they are eligible.
2. Fannie Mae and Freddie Mac Streamline Short Sales: See the Fannie Mae website
for the new streamlined guidelines (August 21, 2012).Â These new streamlined guidelines are designed to keep as many homeowners as possible out of foreclosure perhaps even before they are delinquent on their mortgage.
3. Tax Relief and Anti-Deficiency Waivers: Many states (AZ is one of them) also have anti-deficiency statutes that protect short sale sellers from further collection of legal activity after their mortgages are forgiven in a short sale. The Mortgage Debt Relief Act has been (See Forbes Website
) extended through the end of the year.Â And, other tax laws that could apply and provide forgiveness to certain short sale sellers have also been introduced.
Call Katie Halle at 602-476-1942